Glossary of Terms

Bill of Entry (BOE)

A legal document submitted by importers or customs brokers to the customs department as a declaration of goods imported into a country. It includes details such as the description of goods, their value, quantity, origin, etc.

Bill of Lading (B/L)

A legal document issued by a carrier to a shipper that details the type, quantity, and destination of the goods being carried. It serves as a receipt of shipment when goods are delivered to the carrier.

C&F (Cost and Freight)

An Incoterm where the seller pays for the cost of goods and freight to bring the goods to the port of destination. The buyer bears the risk and cost of insurance and any additional charges from the port of destination onwards.

CIF (Cost, Insurance, and Freight)

An Incoterm where the seller pays for the cost of goods, freight, and insurance to bring the goods to the port of destination. The buyer bears any charges and risks after the goods are delivered to the port of destination.

Clearing Agent

A person or company authorized to handle customs clearance procedures on behalf of an importer or exporter. They facilitate the processing of customs declarations, duties, and taxes.

Commercial Invoice

A document issued by the seller to the buyer, providing details of the goods sold, such as quantity, price, and terms of sale. It is used for customs declaration and as a proof of sale for international trade.

Consignee

The entity (person or company) to whom the shipment of goods is addressed and delivered. They are usually the buyer or the receiver of the goods.

Export Certificate

A document issued by relevant authorities certifying that goods being exported comply with specific quality, safety, or regulatory standards of the importing country.

FOB (Free On Board)

An Incoterm where the seller is responsible for delivering the goods on board the vessel nominated by the buyer at the port of shipment. The buyer bears all costs and risks once the goods are on board.

Notify Party

The person or company named in shipping documents who is to be informed by the carrier or agent when the goods arrive at their destination.